Perspectiva contingente e valor estratégico do caixa na relação entre diversificação geográfica dos negócios e desempenho organizacional

Abstract

The study of the relationship between international diversification and organizational performance is widely explored in the international business literature, but previous studies have shown inconclusive results. In addition, the study of geographic diversification of businesses within the same country, in this study, called regional diversification, is still at an incipient stage. Therefore, in this thesis structured in three essays, one theoretical and two empirical, the effects of international and regional geographic diversification on the performance of Brazilian companies listed on B3 were analyzed. In the first essay, based on the Upstream-Downstream hypothesis, Contingency theory and Resource-Based View (RBV) it was intended to review the literature to propose a framework to analyze the effects of international diversification on the performance of companies based on dynamism, in the complexity and munificence of its operational environment. In the second essay, an empirical study was carried out to verify whether the relationship between international diversification and firm performance is mediated by the moderation between cash and environmental contingencies. Brazilian export companies listed on B3 were analyzed from 2010 to 2020 and multivariate analyzes were performed with panel data with fixed and dynamic effects, in this case, using the System-GMM method, through the moderate mediation model proposed by Muller, Judd and Yzerbyt (2005). The results indicate that cash, moderated by the sector's instability and growth, mediates the relationship between international diversification and the performance of exporting companies. The findings suggest that managers of exporting companies should analyze the costs and benefits of liquidity in expanding business to the foreign market, taking into account the task environment in which the company operates. In the third essay, within the scope of regional diversification, we sought to verify whether the interaction of cash with the location determinants of the subnational regions of the subsidiary's city influences the performance of Brazilian companies listed on B3, according to the location of their (s) subsidiary(s), with data from the year 2020. Data analysis was performed using multiple linear regressions, using the Ordinary Least Squares (OLS) method. The results show that the interaction between cash and market size of the company's subsidiary's location city is related to its performance. As a complementary analysis, it was verified that the market size and the sustainable development of the company's headquarters location are negatively and positively associated, respectively, with the performance of the companies in the sample. Thus, in this paper, the thesis is defended that cash moderated by environmental contingencies mediates the relationship between international diversification and performance, just as cash moderates the relationship between the determinants of subnational location and organizational performance.